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Plastics Recycling Update Magazine: Wellman Europe operations acquired
By Henry Leineweber, Resource Recycling
Thai petrochemical giant Indorama Ventures has agreed to a deal with Aurelius AG to purchase subsidiary Wellman International's PET recycling business.
The deal is expected to be completed later this year with Indorama paying 42 million Euros ($56.5 million USD). Wellman is the largest PET recycling firm in Europe, with an annual output of over 168,000 tons, and operates recycling plants in Spijk, the Netherlands and Verdun, France. It also operates a polyester fiber recycling facility at its Mullagh, Ireland headquarters.
Indorama is the third largest petrochemical firm in Southeast Asia, valued at $5.3 billion USD, and has recently embarked on a merger-and-acquisition campaign to become one of the top 20 petrochemical firms in the world. The company's goal is to double its annual income to over $14 billion by 2017.
Indorama is currently the world's largest integrated polyester company and has ranked among the top five PET producers since 2008. The Wellman acquisition is expected to help the company meet its expansion objectives.
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Plastics Recycling Update Magazine: New Coke recycling venture to open in the UK
By Jake Thomas, Resource Recycling
Coca-Cola Enterprises Ltd. and ECO Plastics Ltd, a U.K. plastics recycling company, have released the name of a new joint venture for bottle-to-bottle recycling in the U.K.
The new joint venture, which was first announced in March, will be called Continuum Recycling. The new company, which was made possible through 24 million GBP ($36.85 million USD) in financing from the two companies, will increase ECO Plastics' capacity from about 110,230 tons to about 154,320 tons of mixed plastic bottles annually. The new facility will increase the amount of bottle-grade recycled PET produced in the U.K. to more than 82,672 tons per year. Continuum Recycling will process plastic bottles into food-grade recycled PET pellets for use in Coca-Cola bottles and the facility is expected to create 30 jobs.
The venture is part of Coke's goal to include 25 percent recycled PET in all its plastics packaging by 2012. Although, there is no word yet if Continuum will face challenges similar to the ones that befell Coke's now-infamous joint venture with URRC in Spartanburg, South Carolina, which did not procure sufficient quality material feedstock and struggled to meet production goals.
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